State of Housing 2010 Report
Harvard University's annual report on the State of the Nation's Housing, released on June 14, asserts that housing has finally turned the corner of the worst downturn in more than 60 years, but acknowledges that the market continues to struggle due to high unemployment and much lower home prices.
According to the Joint Center's Eric Belsky, "If history is a guide, what happens with jobs will matter the most to the strength of the housing rebound." The report also calls the overhang of vacant units for rent, for sale or held off the market a "serious concern," and says that despite production cuts of more than 70% since 2005, the overall vacancy rate hit a record in 2009.
The most optimistic news from this year's report stems from a longer-range assessment of household growth.
Researchers anticipate that household growth will average about 1.48 million annually from 2010 to 2020. And even if immigration falls to half the Census Bureau's currently projected rate, they say, household growth will still average about 1.25 million annually. "This low-end estimate puts household growth in the next 10 years on par with the pace in 1995 to 2005, and should support average annual housing completions and manufactured home replacements of well over 1.7 million units. The higher-end estimate would likely support production exceeding 1.9 million units per year on average over the coming decade," say the authors. View the full report for yourself online here.
Author: CRBRA Admin | On: July 16, 2010 | In: Members · Consumers | No Comments
0 Comments ↓
There are no comments yet...Be the first to comment by filling out the form below.
Post a Comment
.png "Visit Waldron Builders")
CRBRA - 1202 Troy-Schenectady Road, Latham, NY 12110
Phone: 518.690.0766 | Fax: 518.690.0767
